Godrej Properties shares spike 7% on highest-ever quarterly profit in Q4

The institution achieved its highest-ever quarterly income for the 3rd consecutive 4th successful Q4FY24, with a booking worth of ₹9,519 crore, reflecting a singular year-on-year maturation of 135%. 

This exceptional show was driven by the merchantability of 8.17 cardinal sq. ft of area. Notably, this marks the highest-ever quarterly income reported by a listed developer successful India to date. Its booking worth successful Q4 FY24 has crossed the booking worth for the full FY22, arsenic per the company's capitalist presentation. 

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In Q4 FY24, the company's collections stood astatine ₹4,693 crore, marking a important year-on-year maturation of 23%. City-wise income information showed a booking worth of ₹4,022 crore from the merchantability of 1,393 units successful the MMR, with a full income country of 2.53 cardinal sq. ft.

Buoyed by robust income figures, the institution reported its highest-ever quarterly nett of ₹471.26 crore successful the March quarter. Additionally, gross roseate to ₹1,914.82 crore successful Q4 FY24, compared to ₹1,838.82 crore successful the corresponding play of the erstwhile year.

For the afloat fiscal year, the institution posted its highest-ever yearly sales, with a booking worth of ₹22,527 crore, representing a year-on-year maturation of 84%. This show was driven by the merchantability of 20 cardinal sq. ft of country (equivalent to 14,310 homes), with residential bookings accounting for 99.9% of the full booking value.

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Furthermore, the institution exceeded its yearly booking guidance by 61%, marking the 7th consecutive twelvemonth of grounds sales. It achieved 161% of the booking worth guidance for FY24, propelled by an improving task premix and robust measurement maturation of 31%.

Geographically, NCR emerged arsenic the largest contributor with ₹10,016 crore, followed by MMR contributing ₹6,545 crore successful booking worth for the fiscal year. Notably, the institution launched 26 caller projects/phases crossed 7 cities during FY24.

Launch Pipeline

The institution plans to motorboat residential projects worthy ₹30,000 crore this fiscal twelvemonth crossed large cities. It plans to present projects spanning 5.5 cardinal quadrate feet (msf) with an anticipated motorboat worth of ₹9,500 crore. Additionally, it intends to motorboat projects successful cardinal cities similar NCR, Bengaluru, Pune, and others, covering a corporate country of 16.4 msf. 

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This concerted effort volition elevate the full task country to 21.9 msf, reinforcing the company's committedness to gathering increasing request successful the existent property market, arsenic per the company's capitalist presentation.

The surge successful request for residential properties successful India is attributed to the country's expanding economy, prompting individuals to actively question location purchases, particularly successful the luxury segment. This request is further fueled by important investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) successful the Indian residential market.

According to RBI's information connected 'Sectoral Deployment of Bank Credit,' recognition outstanding to the lodging assemblage has surged by astir ₹10 lakh crore implicit the past 2 fiscal years, reaching a grounds precocious of ₹27.23 lakh crore successful March this year.

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According to the information of the Reserve Bank of India (RBI) connected sectoral deployment of slope recognition for March 2024, the recognition outstanding to the lodging (including precedence assemblage housing') stood astatine ₹27,22,720 crore successful March 2024, up from ₹19,88,532 crore successful March 2023, and ₹17,26,697 crore successful March 2022, reported by PTI. 

Disclaimer: The views and recommendations fixed successful this nonfiction are those of idiosyncratic analysts. These bash not correspond the views of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 06 May 2024, 10:44 AM IST